Skip Ribbon Commands
Skip to main content

News release

New York

Jones Lang LaSalle Selected by Gramercy Capital Corp. as Provider of Property Management Services

Firm to oversee 14.5 million square feet of commercial real estate in 400 sites around country;
Jones Lang LaSalle already manages 8 million square feet for client in U.S.

NEW YORK, August 6, 2009 — Jones Lang LaSalle was selected by Gramercy Capital Corp., a commercial real estate finance and property investment company, as provider of property management services for the company’s 14.5 million-square-foot commercial real estate portfolio in the United States. The three-year assignment encompasses 400 office buildings, bank branches and operation centers across the country.
The Jones Lang LaSalle team overseeing the assignment for Gramercy Capital is led by John Wheeler, managing director, and includes Peter Riguardi, president, and Robert Hackett, regional director, all with its New York office. Richard McBlaine, international director of solutions development with Jones Lang LaSalle’s Chicago office, will provide strategic support.
“Gramercy Capital challenged our team to develop creative ways to enhance our service delivery, and to maximize efficiency and accountability across the Jones Lang LaSalle-managed portfolio,” said Riguardi. “The company recognized that our professionals understood and shared their strategic objectives, and we collaborated on a plan to substantially improve its bottom line. Jones Lang LaSalle’s broad services platform allows our professionals to combine corporate solutions expertise with savvy investment advice to build asset value for Gramercy Capital throughout its portfolio.”
Jones Lang LaSalle will assume property management responsibility for approximately 6.5 million square feet of office buildings and bank branches that are primarily located in the Northeast and in Florida. Since 2003, the company has provided similar services to Gramercy Capital for the 8 million square feet of commercial space it owns in all other regions of the United States.
“Gramercy Capital executives expressed a high level of comfort in selecting Jones Lang LaSalle for such a significant assignment,” said Wheeler. “Having established an excellent working relationship with Gramercy Capital over the past six years, Jones Lang LaSalle had already amassed an unmatched track record of delivering superior service.”
Gramercy Capital Corp.
Gramercy Capital Corp. is a self-managed, integrated commercial real estate finance and property investment company whose Gramercy Finance division focuses on the direct origination and acquisition of whole loans, subordinate interests in whole loans, mezzanine loans, preferred equity, CMBS and other real estate securities, and whose Gramercy Realty division targets commercial properties net leased primarily to financial institutions and affiliated users throughout the United States.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2008 global revenue of $2.7 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.4 billion square feet worldwide. In the New York area, Jones Lang LaSalle provides leasing and management services for nearly 45 million square feet of commercial real estate. For further information, please visit our Web site,
200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39–00 Republic Plaza Singapore 048619